Revenue growth remains highly volatile, swinging from a 115% year-over-year increase in 2025Q3 to a 33.7% growth rate in 2026Q1, while the company continues to grapple with negative operating margins of -9.6%.
| Sales/Revenue | 109.89M | 103.54M | 54.01M | 145.23M | 81.32M | 43.64M | 33.29M | 0 |
| Revenue Growth % | 74.29% | 91.68% | -62.81% | 78.59% | 86.34% | 31.1% | - | - |
| Cost of Goods Sold | 61.92M | 59.19M | 58.17M | 93.92M | 56.55M | 31M | 22.75M | 0 |
| COGS % of Revenue | - | 57.16% | 107.69% | 64.67% | 69.54% | 71.04% | 68.34% | - |
| Gross Profit | 47.97M | 44.35M | -4.16M | 51.31M | 24.77M | 12.64M | 10.54M | 0 |
| Gross Margin % | 43.65% | 42.84% | -7.69% | 35.33% | 30.46% | 28.96% | 31.66% | - |
| Gross Profit Growth % | - | 1167.16% | -108.1% | 107.13% | 95.99% | 19.94% | - | - |
| Operating Expenses | 50.9M | 48.85M | 47.84M | 59.58M | 25.67M | 16.35M | 11.25M | 1.23K |
| OpEx % of Revenue | - | 47.18% | 88.57% | 41.03% | 31.56% | 37.47% | 33.81% | - |
| Selling, General & Admin | 41.18M | 39.61M | 37.98M | 50.09M | 19.98M | 10.59M | 7.19M | 1.23K |
| SG&A % of Revenue | - | 38.25% | 70.32% | 34.49% | 24.57% | 24.27% | 21.6% | - |
| Research & Development | 9.72M | 9.24M | 9.86M | 9.5M | 5.68M | 5.76M | 4.06M | 0 |
| R&D % of Revenue | - | 8.93% | 18.25% | 6.54% | 6.99% | 13.21% | 12.21% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -2.93M | -4.5M | -52M | -8.28M | -896K | -3.71M | -716K | -1.23K |
| Operating Margin % | -2.67% | -4.35% | -96.27% | -5.7% | -1.1% | -8.51% | -2.15% | - |
| Operating Income Growth % | - | 91.35% | -528.36% | -823.55% | 75.88% | -418.72% | -58348.98% | - |
| EBITDA | -2.02M | -3.23M | -50.78M | -7.17M | -334K | -3.29M | -91K | -1.23K |
| EBITDA Margin % | -1.84% | -3.12% | -94.01% | -4.94% | -0.41% | -7.55% | -0.27% | - |
| EBITDA Growth % | 95.57% | 93.63% | -608.3% | -2046.41% | 89.86% | -3520.88% | -7328.57% | - |
| D&A (Non-Cash Add-back) | 909K | 1.27M | 1.22M | 1.11M | 562K | 419K | 625K | 0 |
| EBIT | 11.16M | 9.73M | -51.22M | 7.27M | -5.47M | -2.16M | -716K | -1.23K |
| Net Interest Income | -8.14M | -11.01M | -10.55M | -5.79M | -1.29M | -2.51M | -5.53M | 0 |
| Interest Income | 0 | 0 | 867K | 2.32M | 199K | 0 | 5.53M | 0 |
| Interest Expense | 8.14M | 11.01M | 11.42M | 8.12M | 1.49M | 2.51M | 0 | 0 |
| Other Income/Expense | 6.45M | 3.22M | -10.65M | 7.43M | -6.07M | -949K | -5.46M | 0 |
| Pretax Income | 3.51M | -1.28M | -62.64M | -846K | -6.97M | -4.66M | -6.17M | -1.23K |
| Pretax Margin % | 3.2% | -1.23% | -115.98% | -0.58% | -8.57% | -10.68% | -18.55% | - |
| Income Tax | 143K | 603K | 103K | 138K | 71K | 200K | 23K | 0 |
| Effective Tax Rate % | 4.07% | -47.22% | -0.16% | -16.31% | -1.02% | -4.29% | -0.37% | 0% |
| Net Income | 3.37M | -1.88M | -62.75M | -984K | -7.04M | -4.86M | -6.2M | -1.23K |
| Net Margin % | 3.07% | -1.82% | -116.17% | -0.68% | -8.65% | -11.14% | -18.62% | - |
| Net Income Growth % | 105.79% | 97% | -6276.63% | 86.02% | -44.7% | 21.53% | -505777.55% | - |
| Net Income (Continuing) | 3.37M | -1.88M | -62.75M | -984K | -7.04M | -4.86M | -6.2M | -1.23K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.05 | -0.03 | -1.04 | -0.14 | -2.71 | -0.03 | -0.00 | -0.00 |
| EPS Growth % | 103.74% | 97.12% | -642.86% | 94.83% | -9900% | - | - | - |
| EPS (Basic) | - | -0.03 | -1.04 | -0.15 | -2.71 | -0.03 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 72.58M | 65.01M | 60.26M | 43.22M | 4.94M | 14.84M | 14.84M | 14.84M |
| Basic Shares Outstanding | 72.58M | 65.01M | 60.26M | 38.05M | 4.94M | 14.84M | 14.84M | 14.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High operating leverage volatility
As reported in recent financial statements, Tigo's revenue growth has exhibited extreme fluctuations, ranging from a 115% year-over-year increase in 2025Q3 to a sharp 81.5% contraction in 2024Q2, suggesting that the company's top-line trajectory remains highly sensitive to channel inventory cycles and broader solar market conditions.
The erratic revenue growth profile indicates that Tigo's sales are heavily influenced by distributor stocking patterns rather than consistent end-user demand. Investors should monitor whether the company can achieve a more stable growth cadence as it attempts to transition from a pure hardware vendor to a platform-based provider.
Based on reported figures, Tigo has demonstrated a notable ability to maintain gross margins near 42.8% in recent quarters, which suggests that its inverter-agnostic MLPE hardware retains significant pricing power despite the intense competitive pressures from vertically integrated rivals like SolarEdge and Enphase Energy.
The recovery of gross margins from the anomalous -72.7% reported in 2024Q4 highlights a successful stabilization of production costs and pricing strategy. However, maintaining these levels will likely require continued differentiation through its proprietary safety and optimization technology as the broader solar hardware market faces potential commoditization.
According to historical income statement data, Tigo has struggled to achieve consistent operating leverage, as evidenced by the fact that operating expenses frequently exceed gross profit, resulting in a negative operating margin of -4.35% that underscores the company's current inability to scale its fixed cost base efficiently.
The persistent reliance on high SG&A and R&D spending relative to gross profit suggests that the company is still in a heavy investment phase. Unless revenue growth can consistently outpace the expansion of operating overhead, the path to sustainable GAAP profitability appears to remain a significant hurdle for management.
Analysis of the company's cost structure reveals that SG&A expenses have remained stubbornly high, often hovering near $10 million per quarter, which, as shown in recent filings, continues to exert downward pressure on net income and limits the company's ability to reach break-even status.
The company's expense discipline appears challenged by the need to support a global sales force and ongoing product development. Investors should scrutinize whether these fixed costs are truly necessary for long-term growth or if they represent an inefficient allocation of capital that could be optimized to improve bottom-line performance.
While Tigo's hardware-agnostic strategy offers a unique market niche, the company's reliance on external manufacturing and its limited cash position of $7.67 million, as noted in recent disclosures, raise concerns regarding its long-term viability without further capital infusions or a rapid shift toward high-margin software revenue.
Short-sellers may focus on the potential for channel stuffing and the risk that rapid-shutdown mandates could be met by integrated inverter manufacturers, effectively bypassing Tigo's value proposition. The lack of a robust cash buffer suggests that any prolonged downturn in the residential solar market could force the company into dilutive financing.
Quick answers to the most common questions about buying TYGO stock.
For fiscal year 2025, Tigo Energy, Inc. (TYGO) reported total revenue of $103.5M.
Tigo Energy, Inc. (TYGO) reported a net loss of $1.9M for the fiscal year ending 2025.
Tigo Energy, Inc. (TYGO) reported an operating income of $-4.5M, resulting in an operating profit margin of -4.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Tigo Energy, Inc. (TYGO) generated $44.4M in gross profit for the year, representing a gross profit margin of 42.8%. This demonstrates the company's core pricing power and production efficiency.